Multiple Choice
The ultimate purpose of assessing control risk is to contribute to the auditor's evaluation of the ________.
A) factors that raise doubts about the auditability of the financial statements
B) operating effectiveness of internal control policies and procedures
C) risk that material misstatements exist in the financial statements
D) possibility that the nature and extent of substantive tests may be reduced
Correct Answer:
Verified
Correct Answer:
Verified
Q22: The business process view also highlights the
Q23: The existence of audit risk is recognized
Q24: After obtaining an understanding of the internal
Q25: Explain the relationships among the business processes
Q26: Canadian auditing standards require an assessment of
Q28: An organization with a very hierarchical structure
Q29: Discuss four ways of managing risk in
Q30: Theoretically,when assessing the inherent risk related to
Q31: An auditor considers two factors in understanding
Q32: The acceptable level of detection risk is